Trading on a betting exchange like BetPro provides more flexibility and control than traditional fixed-odds betting. The range of advanced order types available allows traders to precisely execute their strategies. Mastering these order types is key to maximizing profits on the exchange.
The Power of BetPro’s Exchange Model
BetPro operates a unique peer-to-peer exchange model with open order books. This facilitates price discovery and direct matching between backers and layers based on dynamic market pricing:
- Backers can play the role of traditional bettors by accepting prices offered by layers
- Layers can act as bookmakers providing odds for backers to accept
- The exchange allows both sides to take liquidity when it suits them
Matches occur when a backer’s order finds a corresponding layer’s order. The exchange derives revenue by charging a small commission on net winnings per market.
Standard Exchange Order Types
While BetPro offers over 40 advanced order types in total, some standard types form the core:
Limit Order
A limit order allows the user to define a minimum odds threshold before the bet executes. This provides precision in only placing bets above a target price level.
- Use case: Backing a particular selection to lose at odds of 1.50 or lower. The bet only executes if matched at 1.50 or shorter.
Market Order
A market order executes immediately at the best available odds at the time the order is placed. This allows instantly filling orders without specifying a minimum price.
- Use case: Getting set early at the opening odds for an event about to begin. Achieves the best price available at the moment.
Stop Loss Order
A stop loss order sets a target odds threshold that triggers the bet. It acts to close out a traded position if the market turns against you by a specified amount.
- Use case: Taking profit on an earlier lay bet if the price shortens to a chosen level. Caps the downside if the selection starts winning.
Mastering these three core order types facilitates basic exchange trading. To unlock advanced strategies, utilize the full range of sophisticated order types available.
Unlocking Sophisticated Strategies
BetPro provides over 40 order types for advanced risk management. The following allow constructing intricate trading approaches:
Trailing Stop Loss Order
A trailing stop loss follows the market price at a defined distance. It continually adjusts the stop trigger price according to market movements:
- Use case: Locking in profits on a winning trade while retaining upside potential if the market continues favorable movement.
Fill or Kill Order
A fill or kill order must immediately execute in its entirety or gets canceled. This achieves total precision in the size of execution:
- Use case: Precisely filling a large order in one fill at a specific price rather than legging in over time.
If Touched Order
An if touched order becomes a live market order when the market reaches the trigger price specified. It activates only temporarily at the precise level chosen:
- Use case: Getting set in anticipation of key price levels being reached. Achieves desired entry price precisely when specified threshold breached.
The range of advanced order types facilitates executing intricate trading strategies and fine tuning risk management.
Mastering Order Types Through Practice
Learning the powerful order types available is the foundation for unlocking BetPro’s world-class trading tools. But practice makes perfect when applying them in the heat of exchange trading.
Start by adding just one new advanced order type at a time. Execute sample trades using each in combination with core limit, market and stop loss orders to understand their impact.
Monitor order activity under the account Portfolios tab. Review trading history to analyze order execution. Refine your precision in utilizing different order types together over time.
Built up experience allows combining advanced orders to achieve truly sophisticated strategies.
In Summary
BetPro Exchange provides unparalleled flexibility through its extensive range of advanced order types:
- The exchange model facilitates price discovery and direct matching of backers and layers
- Mastering core limit, market and stop loss orders sets the foundation
- Adding advanced orders unlocks intricate trading strategies otherwise impossible
- Practice makes perfect when applying advanced orders individually and in combination
- Achieve pinpoint execution control to maximize profits through order type precision
Fine tune your exchange trading toolbox by mastering these world-class BetPro order types today.
Frequently Asked Questions
What are the main benefits of exchange trading with advanced order types?
Exchange trading combined with advanced order types provides greater upside profit potential through increased flexibility, precision, and control compared to fixed odds betting. You can define and automatically execute intricate strategies.
Do I need to master all 40+ advanced order types BetPro offers?
No – start with core limit, market and stop loss orders first. Then progressively add more advanced orders over time as you build experience. Combining just a handful unlocks immense strategic possibilities.
What happens if part of my order does not get matched immediately?
Any unmatched parts of your order will usually sit and wait in the order books seeking a match at a later point. However, fill or kill orders get canceled entirely if not fully executed upon placement.
How quickly will my advanced stop loss orders activate when the trigger point is reached?
Stop loss order triggers process within milliseconds, closing out positions almost instantaneously once the defined market price threshold breaches. This prevents excessive losses as positions move against you.
Can I combine multiple advanced order types together when trading?
Absolutely – the most intricate trading strategies come from combining advanced orders like trailing stop losses, fill or kills, and if touched orders simultaneously to maximize upside while minimizing risk.